Sprott Physical Silver Trust has filed a December 11, 2025 prospectus supplement to its May 1, 2025 short form base shelf prospectus to qualify an at-the-market distribution of up to US$1,000,000,000 (C$1,384,466,288) of transferable, redeemable trust units through a syndicate of U.S. and Canadian agents. Using the Bank of Canada’s December 9, 2025 rate of one Canadian dollar equals US$0.7223, the supplement sits under a broader base shelf that permits up to US$2,000,000,000 (C$2,768,932,576) of trust units.

Trust units will be sold on NYSE Arca and the TSX at prevailing market prices as “at-the-market distributions,” with no minimum proceeds and agent commissions of up to 3.0 percent of gross sales. Estimated offering expenses are approximately US$75,000 (C$103,835), which may initially be borne by the Manager and reimbursed only where a sufficient premium to net asset value exists. Net proceeds will be used to acquire additional physical silver bullion, consistent with the Trust’s mandate to hold substantially all assets in unencumbered, fully allocated “London Good Delivery” silver bars.

As of December 9, 2025, the Trust reported total net asset value of US$12,613,133,041.68 (C$17,462,457,485), or US$20.8441 (C$28.86) per unit, with 605,116,964 units outstanding.

Stikeman Elliott LLP (Canada) and Seward & Kissel LLP (United States) advise the Trust, while Borden Ladner Gervais LLP (Canada) and Cooley LLP (United States) act for the Canadian and U.S. agents.